Valeo and Michelin Announce Their Collaboration for the Development of Systems for Electric and Rechargeable Hybrid Vehicles

PARIS, February 13 /PRNewswire-FirstCall/ — Valeo and Michelin announced
today the signature of a letter of intent to coordinate the development of
electric and rechargeable hybrid vehicle systems such as the drive train,
engine and battery cooling management, climate control, lighting, energy
management and tires.

This announcement demonstrates the willingness of the two Groups to
contribute to the federation of companies around the development of these
technologies in France, as encouraged by the French Government’s “Automotive
Pact”.

Valeo is an expert in electrical systems, engine management and climate
control, and was a key supplier of the drive train for over 10,000 first
generation electric vehicles developed by PSA Peugeot Citroen and Renault.
Michelin, in addition to its range of tires and wheel assemblies, will
contribute its know-how in the domain of Active Wheel and associated
technologies.

The technological developments of both partners are complementary in
terms of products and expertise.

Michelin and Valeo are convinced that by joining forces they will help to
accelerate the emergence of electric vehicles in France and worldwide.

Valeo is an independent industrial Group fully focused on the design,
production and sale of components, integrated systems and modules for cars
and trucks. Valeo ranks among the world’s top automotive suppliers. The Group
has 121 plants, 61 R&D centers, 10 distribution centers and employs 51,200
people in 27 countries worldwide.